When doing their estate planning, many people will divide assets equally. They just want the children to feel like the division is fair. The easiest way to do this is to make it all even. For example, someone with $600,000 and three children would simply leave them...
Caring For You In The Long Term
Estate Planning
Estate planning: Why your choice of trustee matters
When you create a trust, you must appoint someone to manage its assets ( a trustee). They will administer the trust and distribute proceeds to the beneficiaries according to your wishes. While a trustee is legally obligated to always act in the best interests of the...
What’s involved in changing your child’s designated guardian?
As responsible new parents, you and your spouse chose a designated legal guardian for your child when your baby was born. You gave it considerable thought and were relieved that your chosen person agreed to become your child’s legal caregiver should the two of you...
How aging adults can avoid involuntary guardianship
The older someone becomes, the greater the risk that they will develop debilitating cognitive issues related to their age. Alzheimer's disease is only one of multiple age-related health concerns that can affect someone's mental capacity and legal authority. Those who...
How to make changes to your will
Writing a will as early as possible is generally a good idea. You don't need to be older or have assets worth thousands of dollars to do it. Y You can update your will when circumstances change. However, after signing your initial will, it becomes an official...
When should you update your will?
Estate planning protects your loved ones when you die or become incapacitated. A will is one of the vital documents to include in your plan. It allows you to state your wishes on how to distribute assets. You will also choose a guardian for your children and the...
Why should you make long-term care part of your estate plan?
Nobody wants to end up in a nursing home, so most people don’t make a plan for their long-term care. But there is the likelihood that at some point in your life, you will need some sort of skilled nursing services. That’s why it is so important to make long-term care...
Reasons you’re not too young for an estate plan
When you ask relatively younger people why they don’t have an estate plan, they will often tell you that they are too young. They won’t claim that writing a will isn’t important or that there aren’t estate planning documents that can help them. They know that, but...
How do you choose a power of attorney?
Powers of attorney (POAs) are legal document used in estate planning that grants someone else the authority to make financial and medical decisions on your behalf, in the event that you become incapacitated or otherwise unable to make those decisions yourself. You can...
Revocable living trusts offer many advantages with few drawbacks
Trust funds fill a vital role in modern estate planning. They allow you to address specific problems, such as providing for a loved one with special needs. They can also help you preserve your wealth for future generations. Revocable living trusts are among the most...